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Hong Kong insolvency law regulates the position of companies which are in financial distress and are unable to pay or provide for all of their debts or other obligations, and matters ancillary to and arising from financial distress. The law in this area is now primarily governed by the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap 32)[1] and the Companies (Winding Up) Rules (Cap 32H).[2] Prior to 2012 Cap 32 was called the Companies Ordinance, but when the Companies Ordinance (Cap 622) came into force in 2014,[3] most of the provisions of Cap 32 were repealed except for the provisions relating to insolvency, which were retained and the statute was renamed to reflect its new principal focus.[4]
Under Hong Kong law, the term insolvency is usually used with reference to companies, and bankruptcy is used in relation to individuals. Personal bankruptcy is regulated by the Bankruptcy Act (Cap 6).[5]
The objectives underpinning Hong Kong insolvency law have been described as follows:[4]
The fundamental purpose of corporate insolvency law is to resolve all claims against insolvent companies, and provide a fair and orderly process for realising and collecting the assets of insolvent companies and distributing them among creditors in accordance with the statutory scheme of distribution. (at paragraph 1.1)
^"Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap 32)" (PDF). Department of Justice, Government of Hong Kong. Retrieved 23 August 2015.
^"Companies (Winding Up) Rules (Cap 32H)" (PDF). Department of Justice, Government of Hong Kong. Retrieved 23 August 2015.
^"Companies Ordinance (Cap 622)" (PDF). Department of Justice, Government of Hong Kong. Retrieved 23 August 2015.
^ ab"Improvement of Corporate Insolvency Law Legislative Proposals, Consultation Document" (PDF). Financial Services and the Treasury Bureau. Archived (PDF) from the original on 7 August 2014. Retrieved 23 August 2015.
^"Bankruptcy Act (Cap 6)" (PDF). Department of Justice, Government of Hong Kong. Retrieved 23 August 2015.
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